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Gold deliveries clock 29,46 tons in 10 months

by Staff reporter
09 Nov 2022 at 05:09hrs | Views
THE country's gold mining sub-sector continues to increase its output with formal gold deliveries to Fidelity Printers and Refiners clocking close to a cumulative 29,46 tons between January to October 2022.

This is a significant increase from 22,02 tons that were produced during the same period last year, according to official data.

The jump in output so far this year, reflects 38,8 percent growth when compared to 2021.

Small to medium scale miners continue to lead the pack in terms of production volumes after they delivered a cumulative 19,98 tons in the past 10 months up from 12,95 tons last year.

Large scale primary gold producing firms on one hand have delivered 9,47 tons compared to 9,07 tons during the same period last year.

The strong performance by the gold sub-sector buttresses President Mnangagwa's drive to steer increased domestic production, especially in the mining sector.

This is in line with the US$12 billion mining industry strategic roadmap by 2023, which was launched in 2019 as part of the Second Republic's efforts to boost increased minerals' contribution to the economy.

Commenting on the latest report, Zimbabwe Miners Federation (ZMF) chief executive officer, Mr Wellington Takavarasha, said increased gold output was indicative of more collaboration and hard work by different stakeholders in the sector.

"Gold deliveries to Fidelity Printers and Refiners have greatly improved because of increased collaboration between stakeholders. These include the Chamber of Mines representing conglomerates and ZMF representing small scale miners," he said.

"There have been constant meetings and review of Government policies and also agreed implementation of policies.

"There has been so much Government involvement as leaders continued to have many engagements with miners."

Mr Takavarasha said as ZMF they will continue to engage Government on issues such as formalisation of small-scale miners to continue increasing gold output.

"Government has now realised the full potential and significance of small-scale miners and the role they play in mainstream economy. So, now, instead of arresting them they are now doing more of education and awareness campaigns," he said.

"This has greatly improved the relationship between miners and state agencies."

Mr Takavarasha said the Government has also come up with incentives to enhance mining activities by small scale miners so that they mine sustainably.

"Last year there was US$10 million, which was set aside for small scale miners and that money is now on the cards and cash availability at Fidelity has greatly improved," he said.

The mining sector is critical in generating foreign currency, which contributes about 70 percent of the forex earnings largely driven by gold, platinum and diamonds.

Parliamentary Portfolio Committee on Mines and Mining Development chairperson, Edmond Mkaratigwa, said the jump in gold deliveries is very pleasing and commended the producers.

"Sustainable development requires introspection and being realistic, which will assist in realistic strategy, development and planning," he said.

"It's quite pleasing as on our part as Parliament, re-engagement at all levels has been our priority and that helps us to get objective views on what is going on including challenges, opportunities and gaps on the sector," said Mr Mkaratigwa.

"After noting that, we created solutions and later we said now we have put all in place and we now need results commensurate with resources and efforts put in place and in line with the mandate of the ministry and the broader sector."

Going forward, he said they expected the subsector to continue growing while enhancing efficiency and continuous expansion in all other minerals.

"Value addition must also be visible towards industrialisation, we cannot depend on one staple," he said.

Source - The Chronicle